🧍Case Study - The WTO Flashcards
What is the WTO?
The World Trade Organisation
What does the WTO do?
Deals in the rules of trade between countries ensuring that trade flows freely.
What is the WTO in favour of?
Free trade, with no barriers, taxes or tariffs
When was the WTO set up?
1995
How many nations signed the Marrakesh agreement to be part of the WTO?
124
What did the WTO replace?
The General Agreement on Tariffs and Trade
How many members does the WTO now have?
164, and 23 observers
What percentage of world trade does the WTO represent?
98%
Where does the WTO’s funding come from?
The WTO’s regular budget
Voluntary contributions from WTO members
Cost-sharing by either countries involved or international organisations
What does the WTO use its funding for?
Technical co-operation and training
What is the WTO committed to?
Protecting fair competition and economic development
What legal support does the WTO provide?
A legal framework for negotiation of trade disputes
What has the WTO been criticised for?
Trade rules which are still unfavourable towards developing countries
What do WTO rules favour?
Multinationals, so developing countries may have to choose foreign multinationals over local contractors
How is protectionism a negative of the WTO?
WTO trade deals still hold a lot of protectionism in areas such as agriculture. These tariffs primarily benefit richer nations such as the US and EU
